Dixon Financial Services Ltd., and Hyperdynamics Corporation v. Greenberg, Peden, Siegmyer & Oshman, P.C., Gerald Siegmyer, Ron Bearden, and R. F. Bearden Associates, Inc.

CourtCourt of Appeals of Texas
DecidedMarch 20, 2008
Docket01-06-00696-CV
StatusPublished

This text of Dixon Financial Services Ltd., and Hyperdynamics Corporation v. Greenberg, Peden, Siegmyer & Oshman, P.C., Gerald Siegmyer, Ron Bearden, and R. F. Bearden Associates, Inc. (Dixon Financial Services Ltd., and Hyperdynamics Corporation v. Greenberg, Peden, Siegmyer & Oshman, P.C., Gerald Siegmyer, Ron Bearden, and R. F. Bearden Associates, Inc.) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Dixon Financial Services Ltd., and Hyperdynamics Corporation v. Greenberg, Peden, Siegmyer & Oshman, P.C., Gerald Siegmyer, Ron Bearden, and R. F. Bearden Associates, Inc., (Tex. Ct. App. 2008).

Opinion

Opinion issued March 20, 2008





In The

Court of Appeals

For The

First District of Texas





NO. 01-06-00696-CV





DIXON FINANCIAL SERVICES, LTD. AND HYPERDYNAMICS CORPORATION, Appellants


V.


GREENBERG, PEDEN, SIEGMYER & OSHMAN, P.C., GERALD SIEGMYER, RON BEARDEN, AND R.F. BEARDEN ASSOCIATES, INC.,

Appellees





On Appeal from the 215th Judicial District Court

Harris County, Texas

Trial Court Cause No. 2001–06263A





MEMORANDUM OPINION ON REHEARING


          Appellants, Dixon Financial Services, Ltd. and Hyperdynamics Corporation, have filed a motion for en banc reconsideration of our opinion. We withdraw our opinion of November 15, 2007 and substitute this opinion in its stead. Our disposition and judgment remain unchanged. Because we grant rehearing and issue a new opinion, appellants’ motion for en banc reconsideration of our prior opinion is moot. See Brookshire Brothers, Inc. v. Smith, 176 S.W.3d 30, 40 (Tex. App.—Houston [1st Dist.] 2004, pet. denied) (supp. op.); Butler v. State, 6 S.W.3d 636, 637 n.1 (Tex. App.—Houston [1st Dist.] 1999, pet. ref’d).

          The trial court granted summary judgment against appellants, Dixon Financial Services, Ltd. (“Dixon Financial”) and Hyperdynamics Corporation (“Hyperdynamics”), in favor of appellees, Greenberg, Peden, Siegmyer & Oshman, P.C. (“Greenberg Peden”), Gerald Siegmyer (“Siegmyer”), Ron Bearden, and R.F. Bearden Associates, Inc. (collectively, “Bearden”). The trial court then severed appellants’ claims against appellees into a separate cause making the earlier interlocutory summary judgment final and appealable. In two issues, appellants contend that the trial court erred by granting summary judgment in appellees’ favor and by granting the severance.

          We affirm.

Background

          On September 9, 1999, Bearden, Erin Oil Corporation, and Bill Knollenberg, principal of Erin Oil (collectively “Erin Oil”), obtained an arbitration award against Michael Watts, a securities broker, and Texas Capital Securities, the securities brokerage firm for whom Watts worked. As part of the award, Bearden and Erin Oil were awarded, jointly and severally, “140,000 shares of common stock and 200,000 warrants in Hyperdynamics.” In the arbitration proceeding, Greenberg Peden represented Bearden, and the law firm of Johnson, Burnett, & Chang (“Johnson Burnett”) represented Erin Oil.

          On January 6, 2000, Johnson Burnett attorney James Chang sent a letter to notify Hyperdynamics’s transfer agent, Fidelity Transfer Company, of the arbitration award against Watts and Texas Capital Securities. Specifically, Chang wrote, in relevant part,

[T]he purpose of this letter is to notify you in writing of such an arbitration award and to demand that Fidelity Transfer Company immediately cease and desist from transferring, conveying, or otherwise delivering on the books of [Hyperdynamics] any shares of common stock or other securities of [Hyperdynamics] that are legally or beneficially owned, held, or in the name or custody of Texas Capital and/or Watts or any of their respective affiliates or that are deposited in any accounts maintained or managed by Texas Capital and/or Watts or any of their respective affiliates.

          On January 12, 2000, Chang sent another letter to Fidelity Transfer informing Fidelity, “We have recently learned that some of [the] securities of [Hyperdynamics] that our client is entitled to in accordance with the [arbitration award] are held or deposited in an account in the name of Island Communications Investments, Ltd.” Chang continued,

[T]he purpose of this letter is to demand in writing that Fidelity Transfer Company immediately cease and desist from transferring, conveying, or otherwise delivering on the books of [Hyperdynamics] any shares of common stock or other securities of [Hyperdynamics] that are legally or beneficially owned, held, or in the name or custody of Island Communications Investments, Ltd.


          Also on January 12, 2000, Bearden and Erin Oil filed a verified petition (hereafter referenced as “the Watts litigation”) seeking confirmation of the arbitration award and requesting injunctive relief “in aid thereof” against Texas Capital, Michael Watts, and Hyperdynamics. Greenberg Peden attorney Gerald Siegmyer signed the petition on behalf of Bearden, and Chang, who represented Erin Oil, signed the petition’s verification.

          The petition included the following allegations in support of injunctive relief:

[Bearden and Erin Oil] are the owners of certain brokerage accounts at Texas Capital. The account numbers are 954666, 954682, and 062145. Watts was the broker assigned to the accounts. The accounts are supposed to contain 143,000 shares of HyperDynamics common stock, and Warrants to purchase 200,000 additional shares of common stock. . . .

. . . .

Watts has already admitted that, without authority to do so, he caused some securities in the accounts to be sold and used to pay his personal attorney. Hence, Watts and Texas Capital have already absconded with some securities that should have been available to satisfy the [arbitration award] and may very well do so again, if they have not already liquidated the accounts.

HyperDynamics is a publically traded corporation whose president, chief executive officer, chief financial officer and principal individual shareholder is Kent Watts, the brother of [Michael] Watts. [Michael] Watts is listed in HyperDynamics’ [most recent] 10-K Report . . . as a “consultant” to the company. . . .

At the arbitration hearing, the uncontested evidence showed that:

a.Watts had stated that he had removed shares of HyperDynamics stock from [Bearden and Erin Oil’s] accounts and sold them to pay his personal legal fees.

b.Watts controlled at least two offshore Cayman Island trusts which maintained brokerage accounts at Texas Capital and for which Watts held trading authorization. The accounts were denominated as Island Communications Investments, Ltd. accounts, and were numbered 954681 and 954836.

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Dixon Financial Services Ltd., and Hyperdynamics Corporation v. Greenberg, Peden, Siegmyer & Oshman, P.C., Gerald Siegmyer, Ron Bearden, and R. F. Bearden Associates, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/dixon-financial-services-ltd-and-hyperdynamics-corporation-v-greenberg-texapp-2008.